Seeking Alpha

Spherix offers preferred stock

  • Spherix (SPEX -38.7%) contracts with Laidlaw & Co. for a private placement of 10M shares of Series J Convertible Preferred Stock at $2/share. Each share of preferred is convertible into one share of common. Net proceeds of ~$18.3M will be used to redeem some of its Series I Convertible Preferred Stock and for general corporate purposes. Closing date is June 2.
Comments (6)
  • Patent News
    , contributor
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    nice pump and dump after strong short term rise!
    29 May 2014, 10:21 AM Reply Like
  • harizal5
    , contributor
    Comments (21) | Send Message
     
    If what is transpiring with this "equity" isn't illegal it should be. The stock moves well in front of "news". One can only assume that this is a scam and that many are in on it. There is no way you can tell me that two days after a bill being thrown out of Congress an equity offering magically appears. I know that any type of investigation will never happen, because it never does.
    29 May 2014, 01:37 PM Reply Like
  • RMKLI
    , contributor
    Comments (9) | Send Message
     
    Technically, the reason for the previous spike was not because of the bill being thrown out, it was because of Spherix's CEO Anthony Hayes came out and said having the bill thrown out should "remove some of the uncertainty which has been clouding our industry". Other PAE stocks did not rocket up like SPEX. This is definitely a grey area and borderline manipulation but it is no worse than Carl Icahn coming out and saying he spoke to the CEO of Apple pushing for dividend payout after buying a huge stake in Apple .
    30 May 2014, 03:35 AM Reply Like
  • harizal5
    , contributor
    Comments (21) | Send Message
     
    The argument above has nothing, zero, to do with with what I have stated. This stock trades well ahead of news. It has nothing to do with what a CEO says. In both cases well prior to any news release the shares moved significantly in both price and volume, well ahead of news releases. This is insider trading.
    30 May 2014, 09:16 AM Reply Like
  • clack
    , contributor
    Comments (31) | Send Message
     
    for once I am glad one of the ambulance chasers is jumping on this.
    30 May 2014, 12:16 PM Reply Like
  • jtseat
    , contributor
    Comment (1) | Send Message
     
    so what does this mean for shareholders?
    31 May 2014, 05:54 AM Reply Like
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